Daily business briefing

Consumer prices rose by less than expected in November, prosecutors accuse FTX founder Sam Bankman-Fried of fraud, and more [What makes a subscription to The Week so valuable now? Click here.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Prosecutors accuse FTX founder Sam Bankman-Fried of fraud]( U.S. prosecutors on Tuesday accused disgraced FTX founder and former CEO Sam Bankman-Fried of fraud and violating campaign finance laws in what U.S. attorney Damian Williams in New York called one of the "biggest financial frauds in American history." The collapsed cryptocurrency exchange's current CEO, John Ray, told House lawmakers on Tuesday that FTX lost $8 billion of client money after placing "absolute concentration of control in the hands of a small group of grossly inexperienced, nonsophisticated individuals." Bankman-Fried made a court appearance Tuesday in the Bahamas, where FTX is based. He was [arrested there on Monday](. A Bahamian magistrate judge denied him bail after prosecutors argued the former billionaire was a flight risk as he plans to fight extradition to the United States. [[Reuters]( [CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Prosecutors+accuse+FTX+founder+Sam+Bankman-Fried+of+fraud&body=Read the story here: utm_campaign=business_briefing_newsletter_20221214&utm_source=business_briefing_newsletter) 2. [Consumer prices increased less than expected last month]( The Labor Department reported Tuesday that consumer prices rose in November at an annual rate of 7.1 percent, less than expected, and down sharply from October's 7.7 percent pace and June's 9.1 percent peak, the highest rate in four decades. Last month's inflation rate was the slowest 12-month pace since December 2021, but still far above the 2.1 percent average. The Federal Reserve has been raising interest rates aggressively to cool the economy and bring down inflation. The Fed is expected to hike rates 0.5 percent Wednesday at the end of a two-day meeting, after four consecutive 0.75 percent increases. President Biden seized upon the latest figures, calling them proof that his policies are stabilizing the economy. [[The Wall Street Journal]( [The Washington Post]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Consumer+prices+increased+less+than+expected+last+month&body=Read the story here: utm_campaign=business_briefing_newsletter_20221214&utm_source=business_briefing_newsletter) 3. [Rubio introduces bill seeking to ban TikTok]( Republican Sen. Marco Rubio (Fla.) on Tuesday unveiled a bipartisan bill seeking to ban China's popular social media app TikTok over concerns it could be used to spy on Americans. The bill would block transactions from social media companies in or influenced by China and Russia, increasing pressure on TikTok owner ByteDance. FBI Director Chris Wray said in a congressional hearing last month that TikTok's U.S. operations raise national security concerns, because Beijing could use it to influence users or control their devices, Reuters reported. A TikTok spokesperson called the proposal "a politically-motivated ban that will do nothing to advance the national security of the United States," and said Congress should hold off until the federal government completes a security review of TikTok. [[Reuters]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Rubio+introduces+bill+seeking+to+ban+TikTok&body=Read the story here: utm_campaign=business_briefing_newsletter_20221214&utm_source=business_briefing_newsletter) 4. [Stock futures flat ahead of Fed rate decision]( U.S. stock futures were little changed early Wednesday as investors awaited the Federal Reserve's latest decision on raising interest rates to bring down inflation. Futures tied to the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were down about 0.2 percent at 6:30 a.m. ET. Stocks gained for a second straight day on Tuesday with a boost from a cooler-than-expected November inflation report. Analysts expect the Fed to announce a 0.5 percent interest-rate increase later Wednesday at the end of a two-day policy meeting, a slowdown after four straight 0.75 percent hikes. Fed Chair Jerome Powell's post-meeting remarks could offer clues on what the Fed will do next. [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+flat+ahead+of+Fed+rate+decision&body=Read the story here: utm_campaign=business_briefing_newsletter_20221214&utm_source=business_briefing_newsletter) 5. [Moderna vaccine shows promise against skin cancer]( Moderna's experimental cancer vaccine helped reduce the risk of a skin-cancer recurrence in a mid-stage trial. Used in combination with Merck's blockbuster immunotherapy Keytruda, Moderna's personalized cancer vaccine helped cut the risk of relapse or death from melanoma by about 44 percent, compared to the use of Keytruda alone, in the 150-volunteer study, the companies said Tuesday. The companies called the result a "statistically significant and clinically meaningful improvement." The results haven't been independently reviewed. Moderna's cancer vaccine is based on the messenger RNA (mRNA) technology behind widely-used COVID-19 vaccines. [Moderna shares jumped]( as much as 23 percent Tuesday. [[Agence France Presse]( [CNN]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Moderna+vaccine+shows+promise+against+skin+cancer&body=Read the story here: utm_campaign=business_briefing_newsletter_20221214&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Ron DeSantis vows grand jury investigation of 'any and all wrongdoing with respect to COVID-19 vaccines']( Rafi Schwartz [Related image]( [3 crazy details from the SEC filing against Sam Bankman-Fried]( Justin Klawans [Related image]( [What is Donald Trump even doing?]( Rafi Schwartz [Related image]( [Why critics allege Twitter discriminated against conservatives]( Joel Mathis [Related image]( [Vladimir Putin will skip annual year-end press conference for 1st time in a decade amid Ukraine setbacks]( Peter Weber [Speed reads banner] [Article image]( [House, Senate negotiators announce 'bipartisan, bicameral framework' for 2023 spending package]( December 14, 2022 [Article image]( [Santa saves Christmas and Ukraine on Stephen Colbert's Late Show animated Christmas special]( December 14, 2022 [Article image]( [Here's what the U.S. achieved with nuclear fusion and why it matters]( December 14, 2022 [Article image]( [Report: U.S. could soon send Patriot missile defense system to Ukraine]( December 13, 2022 [Read more of today's best articles at theweek.com]( [What makes a subscription to The Week so valuable now? 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